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worried1

Zoopla Survey In The Times

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The property section in today's Times mentions a stat from a Zoopla survey that the the average UK house is increasing in value by £65 a day.

I am sure this is being celebrated in most quarters, but it just doesn't seem to resonate as a bad thing to most people.

£65 per day is £24k a year which means that even if somebody on a salary of £30k saved every single penny they earned towards a house they would still be further away from buying it in a year's time than they are now. If they actually needed to spend any money on rent or food, they are moving further and further away. That is just to buy the average UK house, not a luxury pad in central London.

I know people only really care about their monthly outgoings and we have ultra cheap mortgages at the moment, but that is a mind boggling statistic to me.

I don't believe prices are going up that fast in the UK as a whole, but that is besides the point.

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I suspect the majority of us on this site share your view. However these surveys which are are grist to the mill of the ramping VI are greedily gobbled up by the British public where institutionised property greed is deep in the psyché. One of the main weapons of the rampers is to trivialise the extreme property prices by concentrating on property far above what the average person can afford. Newspapers whose readers are unlikely to earn much more than an average salary are told 'yours for only £1.5m for featured properties, meanwhile the BBC celebrates a beach hut with a 16 year lease at £200,000. http://www.bbc.co.uk/news/business-23255452. If you are finding it difficult to pay the rent or mortgage on your squalid London studio flat despite having a professional job, such stories could make you question your purpose on this planet. What I see though is a worship and aspiration for this property wealth. Competitions describe prizes as 'up for grabs', those who exploit others misery to enrich themselves are generally revered role models in this vile cesspit called Britain.

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I suspect the majority of us on this site share your view. However these surveys which are are grist to the mill of the ramping VI are greedily gobbled up by the British public where institutionised property greed is deep in the psyché. One of the main weapons of the rampers is to trivialise the extreme property prices by concentrating on property far above what the average person can afford. Newspapers whose readers are unlikely to earn much more than an average salary are told 'yours for only £1.5m for featured properties, meanwhile the BBC celebrates a beach hut with a 16 year lease at £200,000. http://www.bbc.co.uk/news/business-23255452. If you are finding it difficult to pay the rent or mortgage on your squalid London studio flat despite having a professional job, such stories could make you question your purpose on this planet. What I see though is a worship and aspiration for this property wealth. Competitions describe prizes as 'up for grabs', those who exploit others misery to enrich themselves are generally revered role models in this vile cesspit called Britain.

Yep, I see this a lot.

The Sunday Times property section has properties that would only be affordable by a tiny percentage of it's readership. The average Sunday Times reader may have a bit more wealth than the UK average overall, but nothing like the amount needed to afford the £2m equestrian properties and £1m foreign second homes they always feature, especially after they will need to upgrade from the £850k 'starter home' they have bought in London.

The thing is that this cannot go on forever. The disenfranchised who cannot afford their London studio flat will soon become the majority even if prices do stop going up now. Of course parental gifts from their own property gains will slow this down a bit, but by the time a parent's house is divided between 2/3 kids and tax is paid there is not that much left to keep this madness going.

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Yep, I see this a lot.

The Sunday Times property section has properties that would only be affordable by a tiny percentage of it's readership. The average Sunday Times reader may have a bit more wealth than the UK average overall, but nothing like the amount needed to afford the £2m equestrian properties and £1m foreign second homes they always feature, especially after they will need to upgrade from the £850k 'starter home' they have bought in London.

The thing is that this cannot go on forever. The disenfranchised who cannot afford their London studio flat will soon become the majority even if prices do stop going up now. Of course parental gifts from their own property gains will slow this down a bit, but by the time a parent's house is divided between 2/3 kids and tax is paid there is not that much left to keep this madness going.

.......Runaway houseprices also provide a nice income stream to the government in terms of inheritance tax.......those 2 or 3 children now share their inheritance with the government far more often than was the case when house prices were more reasonable.

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.......Runaway houseprices also provide a nice income stream to the government in terms of inheritance tax.......those 2 or 3 children now share their inheritance with the government far more often than was the case when house prices were more reasonable.

Indeed, although surely this will change as well?

There are already thousands of families out there who never would have been anywhere near the IHT threshold before but are now above it because of inflated house prices. I'd have thought the practice of giving up all assets to children at least 7 years in advance and retaining assets below the threshold to avoid IHT and care home fees will become increasingly widespread...

...and then the government will change the rules again.

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  • 245 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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